
TQ1-CHAPTER 2 : DOUBLE ENTRY BOOKKEEPING
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the cardinal rule of the double entry system?
A- Debit the increasing account and credit the decreasing account
B- Debit an account and credit another account
C- Debit the asset account and credit the liability account
D- Debit revenue account and credit expenditure account
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Mr A purchased goods on credit from Mr B but then returned them as they were
faulty.
Which of the following statements would be true?
A- Mr A would send a credit note to Mr B
B- Mr A would send an invoice to Mr B
C- Mr B would send a credit note to Mr A
D- Mr B would send an invoice to Mr A
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A business purchases 10,000,000 KHR of goods on credit.
Which parts of the business’s accounting equation will be altered by this
transaction?
A- Assets and liabilities
B- Assets only
C- Capital and assets
D- Liabilities only
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Goods sold on cash and carry basis returned by a customer are accounted for by
A- Debiting Sales and Crediting Cash
B- Debiting Sales and Crediting Accounts Payable
C- Debiting Inventory and Crediting Cash
D- Debiting Inventory and Crediting Bank
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A credit balance of 5,000,000 KHR in the petty cash book would mean that
A- we have spent 5,000,000 KHR more than we have received
B- we have 5,000,000 KHR cash in hand
C- the book keeper has made a mistake
D- 5,000,000 KHR has been stolen
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Consider the following:
1 An expense is incurred.
2 A liability is increased.
3 Another asset increases in amount.
Which of the above statements might be true when the carrying amount of an
asset held by a business is reduced?
A- 1 and 2 only
B- 2 only
C- 2 and 3 only
D- 1 and 3 only
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A business receives 5,000,000 KHR from a credit customer.
Which parts of the accounting equation will be altered by this transaction?
A- Assets and liabilities
B- Assets only
C- Capital and assets
D- None of them
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